World Fuel Services 2008 Annual Report Download - page 9

PART I
Item 1. Business
Overview
World Fuel Services Corporation (the “Company”) was incorporated in Florida in July 1984 and along with
its consolidated subsidiaries is referred to collectively in this Annual Report on Form 10-K (“Form 10-K”) as
“World Fuel,” “we,” “our” and “us.” We commenced business as a recycler and reseller of used oil and provider
of aviation services. We have since ceased the activities of a recycler and reseller of used oil. In 1986, we
diversified our operations by entering the aviation fuel business. In 1995, we entered the marine fuel and related
services business by acquiring the Trans-Tec group of companies. In 2003, we entered the land fuel and related
services business.
We are engaged in the marketing and sale of marine, aviation and land fuel products and related services on
a worldwide basis. We compete by providing our customers value-added benefits, including single-supplier
convenience, competitive pricing, the availability of trade credit, price risk management, logistical support, fuel
quality control and fuel procurement outsourcing. We have three reportable operating business segments: marine,
aviation and land. In our marine segment, we offer fuel and related services to a broad base of maritime
customers, including international container and tanker fleets, commercial cruise lines and time-charter
operators, as well as to the United States and foreign governments. In our aviation segment, we offer fuel and
related services to major commercial airlines, second- and third-tier airlines, cargo carriers, regional and low-cost
carriers, corporate fleets, fractional operators, private aircraft, military fleets and to the United States and foreign
governments, as well as a private label charge card used to purchase aviation fuel and related services by
customers in the general aviation industry. In our land segment, we offer fuel and related services to petroleum
distributors operating in the land transportation market, retail petroleum operators and other end users. In June
2008, we acquired certain assets of Texor Petroleum Company, Inc., including the assets comprising its
wholesale motor fuel distribution business and the Texor Petroleum trade name (collectively, the “Texor
business”). The Texor business is primarily an independent distributor of branded and unbranded gasoline and
diesel fuel to retail petroleum operators and industrial, commercial and government customers and operates a
small number of retail gasoline stations.
We have offices located in the United States, the United Kingdom, Denmark, Norway, the Netherlands,
Germany, Greece, Turkey, the United Arab Emirates, Russia, Taiwan, South Korea, Singapore, Japan, Hong
Kong, Costa Rica, Brazil, Chile, Argentina, Mexico, Colombia, Canada and South Africa. See “Item 2—
Properties” for a list of principal offices by business segment and “Exhibit 21.1—Subsidiaries of the Registrant”
included in this Form 10-K for a list of our subsidiaries.
Financial information with respect to our business segments and the geographic areas of our business is
provided in Note 12 to the accompanying consolidated financial statements included in this Form 10-K.
Our principal executive offices are located at 9800 Northwest 41st Street, Suite 400, Miami, Florida 33178
and our telephone number at this address is [phone]. Our internet address is www.wfscorp.com and the
investor relations section of our website is located at http://ir.wfscorp.com. We make available free of charge, on
or through the investor relations section of our website, our Annual Reports on Form 10-K, Quarterly Reports on
Form 10-Q, Current Reports on Form 8-K, Proxy Statements and amendments to those reports filed or furnished
pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934 (the “Exchange Act”) with the
Securities and Exchange Commission (“SEC”) as soon as reasonably practicable after such material is
electronically filed with, or furnished to, the SEC. Also posted on our website are our Code of Corporate Conduct
and Ethics, Board of Directors’ committee charters, and Corporate Governance Principles. If we make any
substantive amendments to our Code of Corporate Conduct and Ethics (the “Code”) or grant any waiver,
including any implicit waiver, from a provision of the Code to our Chief Executive Officer (“CEO”), Chief
Financial Officer (“CFO”) or Corporate Controller, we will disclose the date and nature of such amendment or
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